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Peru Sees Growing Opportunity in Export of Services

The Peruvian government is committed to boosting exports of services, which are expected to generate more than $6.76 billion this year, the head of the Promperu export and tourist promotion commission told EFE on Monday.

“The processes of infrastructure promotion in our country in the past 15 years have motivated the creation of firms that are now seeking new horizons through the export of services,” Luis Torres Paz said at the opening of the seventh Peru Service Summit, which brings together more than 150 business people from 19 nations with around 100 Peruvian exporters.

This year’s edition begins “with an auspicious legal framework, because President (Pedro Pablo) Kuczynski just approved in July of this year a new law of services and tourism promotion, which will allow us to increase these exports to $13 billion by 2021,” Torres said.

The new legislation will facilitate efforts to exploit the full potential of services exports, he said.

“We will be able, for example, to improve work in the area of tourist services and this will give impetus to the effort that Mincetur (the Ministry of Foreign Trade and Tourism) is making to continually augment the visit of foreign tourists to our country,” Torres said.

The Peru Service Summit has become Latin America’s most important event centered on “trade in services that are intensive in human capital and information and communications technology,” the Promperu chairman said.

Excluding tourism, banking and transportation, Peruvian firms currently earn more than $700 million from the export of business services, he said.

Promperu is currently working “with the most dynamic sectors” in the service export realm, such as software development, conflict resolution and 3D animation, Torres said.

The four-day summit began with a speech by Foreign Trade and Tourism Minister Eduardo Ferreyros, who said that Peru’s central bank expects the value of services export to increase 8 percent this year to more than $6.76 billion.

Promperu said that this seventh edition of the event has attracted prospective buyers and investors from countries including Colombia, Brazil, Chile, Mexico, Spain, Argentina, the United States, Canada, Ecuador, Panama and Bolivia.